DUOLDuolingo, Inc.
Services-Prepackaged Software
- Revenue
- $1.0B
- 39% YoY
- Operating margin
- 13.1%
- 56% YoY
- EBITDA
- $150M
- 104% YoY
- Market cap
- $2.2B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 16.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$767K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo94% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo16.5 per 10K words · 97th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$47M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $251M | $369M | $531M | $748M | $1.0B | 39% |
| Operating income | −$60M | −$65M | −$13M | $63M | $136M | 117% |
| Net income | −$60M | −$60M | $16M | $88M | $414M | 369% |
| Operating cash flow | $9M | $54M | $154M | $286M | $388M | 36% |
| Capex | $4M | $6M | $3M | $12M | $18M | 49% |
| Stock-based comp | $41M | $74M | $95M | $110M | $137M | 24% |
| Buybacks | $868K | $0 | $0 | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $499K · 1
- Open-market sells, 12 mo
- $47M · 85
- Net
- −$47M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $768K | −$44M | 126 | 109 |
| FY2024 | $767K | $129M | 233 | 110 |
| FY2023 | $767K | $140M | 163 | 88 |
| FY2022 | $765K | −$32M | 51 | 63 |
| FY2021 | $74M | $78M | 76 | 96 |